Europe Distillates-Diesel cracks up sharply

LONDON: Diesel refining margins in northwest Europe were up sharply on Tuesday but rising imports into the region capped gains.

Diesel exports from Asia and the Middle East were expected to rise in July to nearly 3 million tonnes as a number of newly-built very large crude carriers (VLCCs) have been booked to ship refined product on their maiden voyage, according to traders.

A crude unit (topping 3) at Italy's 200,000 barrel per day Milazzo oil refinery which has been shut down since June 21 is expected back online on June 30, a spokesman for the plant said.